The SF Business Times writes on a new report from the city’s Planning Department that shows the city loses existing affordable housing as fast as it builds it.
While the city has built 6,559 new deed-restricted, affordable housing units for low-income people since 2005, it has lost 5,470 rent-controlled affordable units over the same span. In other words, for every 10 affordable units that developers build, more than eight units have been taken off the market by landlords.
While 30 percent of the new units constructed since 2005 have been affordable – a ratio almost in line with city goals – the total balance is just 18 percent when you account for rent-control units taken off the market, mostly through Ellis Act evictions and owner move-ins.
Neighborhoods like the Richmond, the Sunset and the Castro have seen significant drops in affordable units, as they’ve barely added any in the past decade. The Mission District, ground zero for development battles in the city, has a net increase of just 2 percent for affordable units. READ MORE